A 42-year-old man, P P Ismail, has been arrested in Kochi for his role in a large-scale gold loan fraud. The suspect, from Ussanmukku in Edayakkad, had been evading authorities until his arrest on Wednesday.
Police reported that Ismail operated a fraudulent gold loan service from a shop near Thalassery General Hospital. He, along with his associates, convinced a homemaker from Dharmadam to hand over 62.3 grams of gold under the promise of an interest-free loan. Instead of receiving the gold or a cash loan, the victim suffered a financial loss of Rs 3.75 lakh.
The case came to light after the victim filed a complaint, prompting investigation by a specialized team comprising Dharmadam police, the Thalassery ASP squad, and Ernakulam Town North police. Ismail’s arrest is part of a broader inquiry into a criminal group allegedly involved in scams totaling nearly Rs 3 crore. Police are continuing investigations to identify and apprehend other members of the ring.
